kristarling

IOTUSD Possible Continuation Pennant

BITFINEX:IOTUSD   IOTA / U.S. Dollar
Currently compressed against support (with a possible bearflag in play) Remaining neutral for now until these bear indications are resolved.

For the risk-takers: There's a potential entry here (with the offset that you could have very good Risk/Reward with a tight stop)
For the cowardly lions: Wait for a break of the pennant upwards with strong volume and a test of support.



If this does break up, the fib extension would give a target of roughly $1.6 and my estimation of target for the pennant pattern (indicated with red horizontal) would be around $1.8.

By my count, this would be the final wave of the bull cycle, meaning a correction should follow (I'm an elliott noob, so correct me if this is wrong).
Comment:

pennant has broken down, but may just be a fakeout
Comment:

IOT attempting a break out to the upside
Comment: Confirmed breakout to the upside.
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